In 2001 bobs burgers charged 1.50 for a quarter-pound, Ask an Expert

Economics

In 2001, Bob's Burgers charged $1.50 for a quarter-pound hamburger with all the fixin's, and sold 7,500 of them. In 2002, although Bob raised the price to $1.75, sales of quarter-pound burgers rose to 8,200. describe why this does not represent a violation of the law of demand.

View complete question

Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M964108

Have any Question?Write your Review or question?

Related Questions in Microeconomics

In 2016 160000 electric vehicles were sold in the united

In 2016, 160,000 electric vehicles were sold in the United States. The instructions state to enter my response rounded to one decimal place. Part A. Supposing the average price of these cars was $40,000. Calculate price ...

Question the following diagram shows the market situation

Question: The following diagram shows the market situation for the perfectly competitive market for wheat. The wheat market is currently at short-run equilibrium E, where the price P* is not high enough to generate posit ...

Question - based on the harvard business review article

Question - Based on the Harvard business review article titled - A Payment Model That Prevents Unnecessary Medical Treatment answer the following questions: You are 64 years old and have been diagnosed with advanced arth ...

Question consider a drivers decision regarding how fast to

Question: Consider a driver's decision regarding how fast to drive. In particular, suppose that for this driver, the benefit (ins) of driving x miles per hour (mph) above the speed limit usually is B(x) = 63x - 2x^3. Als ...

Question it is desired to make a preliminary estimate of

Question: It is desired to make a preliminary estimate of the cost of building a700 MW fossil-fuel plant. It is known that a 450-MW plant cost $100 million twenty (20) years ago when the approximate cost index was 550, a ...

Question the united states economy is experiencing a

Question: The United States economy is experiencing a moderate economic downturn. The Republican President has addressed the downturn using stereotypical Republican methods. The economy failed to improve significantly, a ...

Question a local finance company will loan 8000 to a

Question: A local finance company will loan $8,000 to a home-owner. It is to be repaid in 24 monthly payment of $498 each. The first payment is due 30 days after the $8,000 is received. What interest rate per month are t ...

Question the market process the forces that bring us closer

Question: The market process (the forces that bring us closer to equilibrium) is said to solve the knowledge problem. What is the knowledge problem? What aspects of markets help to mitigate the knowledge problem? Provide ...

Question a domestic shoe company distributes running shoes

Question: A domestic shoe company distributes running shoes and tennis shoes for $95 per pair to it domestic shoe retailers. The marginal cost of producing a pair of running shoes is $60 and the marginal cost of producin ...

Quesiton consider a non-dividend-paying stock whose current

Quesiton: Consider a non-dividend-paying stock whose current price S(0) = S is $50. After each period, there is a 40% chance that the stock price goes up by 25%. If the stock price does not go up, then it drops by 20%. A ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Microeconomics Expert